The global turbulence behind Bonza’s backers

Last June, Manish Raniga, a director of the global private investment firm 777 Partners that owned cheeky low-cost airline Bonza, sat before federal politicians at a Senate standing committee on economics. The committee’s focus was on creating new businesses, and promoting competition and dynamism within the Australian economy.

The following month, Raniga gave another interview to an aviation journal, saying 777 Partners’ plan for Bonza was to “punch well above its weight compared to other businesses that are much larger in scale”. Raniga wasn’t responding to interview requests on why 777 Partners’ plan for Bonza to punch above its weight had turned into a punch in the nose.

It has also gained a lot of attention recently with its protracted negotiations to buy English Premier League club Everton. In the past eight months, it has sought extensions to that deal as scrutiny has grown about its ability to raise the funds to complete it.in the UK, relating to four planes leased to Flair Airlines, which is part-owned by 777. In 2023, four aircraft leased by Flair Airlines were reportedly repossessed due to outstanding fees.

In February, 777 Re, the reinsurance entity of 777 Partners that offers reinsurance on life insurance and annuity business, had its rating downgraded to C-, or weak, signalling concerns about its financial stability and risk management practices.

Source: News Formal (newsformal.com)

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